Legal Briefs April 7, 2011
Your update of the regulatory landscape.
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IRS Pays Up After UBIT Smackdown
Members and employees of the Colorado based Bellco Credit Union are all smiles this week after the credit union received three IRS checks totaling over $291,000 as the result of the favorable outcome of their legal challenge to UBIT.
Depositaries Requested to Adhere to Levy Compliance Rules
The IRS is asking depositaries (banks, credit unions, savings and loans, and similar institutions) to review and understand the responsibilities associated with processing levies.